buying bank repossessed cars

[ice15]

My only issue against repo cars is the "as is basis"

We bought a 2 year old FX way back mid-90's... Body was in excellent condition but the engine was hopeless.

I remember buying a suplus engine for around 16k + installation + LTO etc, it was still a good purchase.

But be ready to spend at least 6 months trying to make sure that the car is back to "good condition"

Some issues will just keep showing up...

[jn7_85]

Hi Question lang po, I hope some one could help me. I am planning to buy a car a 2015 almera which was sold from buy and sell. ngayon okay na ung kotse good condition na sya problem is ung rehistro nasa 1st owner pa. tapos ung deed of sale open deed of sale sya. so ung nakabili ng kotse di nya na nameet ung nasa absolute deed of sale. mejo nakakalito sya pero below is summary nung nangyare

1. car was bought by a certain richel (car is registered and encumbered to her)
2. car was repossessed by psbank
3. ps bank sold car though public auction to a certain arvin
4. ps bank and arvin has an absolute deed of sale but did not bother to change the CR to his name.
5. arvin issued an open deed of sale (which I now have)
6. car was sold sa buy and sell
7. someone bought it but he has to go to the U.S. so he is selling the car to me.
below are the documents that i have
8. I checked the CR of te document in LTO and need sa 2019 pa ung renewal.
9. I checked the PS bank to make sure the release of chattel mortgage is valid and it is.

(release of chattel mortgage (name in the docu is richel), promisory note ni richel, absolute deed of sale from psbank to arvin, ODS na may pirma ni arvin, original OR and CR under richel's name, photocopy of arvin's IDs with signature sa gilid, PSB's secretarys Certification)

Basically everything is okay except sa ung deed of sale nakay arvin (ung naka bili sa auction) and ung rehistro nakay richel. Question ko lang e possible bang ma transfer saakin ung rehistro ng car with the documents I have. Do I still need to involve ung guy na nasa absolute deed of sale na si arvin?

[ice15]

^normal sa buy and sell yang open deed of sale, para mag mukhang second owner ka...

[JLV]

the term to remember is "as-is-where-is basis". that means what you see is what you get. so if you did not see it well then you did not look hard enough.

my advice is to bring a mechanic with you. check the oil from the engine and tranny. open everything that you can open (like air filter, oil filler cap, etc.) if possible start the engine and put it through its gears (they will not let you test drive but you can always shift the tranny with the clutch pressed). and most important of all, make a list of what you see (good and bad). this list will include what model of sound system it has, what tyres are installed. bring a digital camera and take pictures. why? cause some unscrupulous persons (e.g., the guards in the warehouse) might change/steal parts after you have inspected the unit.

expect bad tyres and steel wheels (the previous owner usually gets the mags and good tyres then buys steel wheels and surplus tyres for the car), plus bad battery.

as far as prices go, they're basically lower than market. sample: i bought from union bank in dec 1998 a model 1997 mazda 323 for only 135k.

What does it mean when a bank repossessed car displays ZERO mileage?

[Egan101]

What does it mean when a bank repossessed car displays ZERO mileage?

That would not be possible. Even when a new car left the dealer, there would be some mileage to it. The previous owner should have driven it and if he was not able to use it and it got repossessed, it will have to be driven to the bank’s repo lot.

If it does show Zero mileage, the odometer must have been tampered.


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[dr. d]

or the speedometer or even the entire instument cluster, replaced.

[ArjAngel]

hmmm agreed impossible yun

[chronicle]

What does it mean when a bank repossessed car displays ZERO mileage?

Di na naistart ng bank ang kotse.
Either nalubog or dead na ang batt.

Eitherway, stay away at all cost.

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[Macky]

What does it mean when a bank repossessed car displays ZERO mileage?

Not running condition po yung unit kapag walang mileage na indicated.